Allergan completes acquisition of Oculeve

Allergan has completed its takeover of Oculeve, a deal worth $125 million (79.12 million pounds).

The company has acquired the development-stage medical device firm, which is focused on developing novel treatments for dry eye disease, in order to strengthen its standing in this field.

Included in the transaction was an upfront payment and commercialisation milestone fees related to Oculeve's lead development program, OD-01. The agreement also includes the acquisition of an additional earlier-stage dry eye device development programme.

OD-01 is a non-invasive nasal neurostimulation device that increases tear production in patients with dry eye disease.

Brent Saunders, chief executive officer and president of Allergan, said: "The acquisition of Oculeve further enhances Allergan's world-class position in eye care and underscores our commitment to continuing to develop a broad range of treatment options for patients with eye conditions."

This comes after the firm recently agreed to sell off its generics business to Teva as part of its continued business transformation.